Taken from the records of Care Company as of December 31, 2021 are the following information: Long-term debt of P10,000,000 dated January 1, 2014 due December 31, 2022. Albano expects to refinance this liability on a long-term basis on January 2022. The financing agreement was consummated on February 2, 2022. Note payable due on January 1, 2024 amounting to P6,000,000. The note is payable on demand. Bank loan of P14,000,000 due December 31, 2026 wherein
Taken from the records of Care Company as of December 31, 2021 are the following information:
Long-term debt of P10,000,000 dated January 1, 2014 due December 31, 2022. Albano expects to refinance this liability on a long-term basis on January 2022. The financing agreement was consummated on February 2, 2022.
Note payable due on January 1, 2024 amounting to P6,000,000. The note is payable on demand.
Bank loan of P14,000,000 due December 31, 2026 wherein a breach of loan covenant was committed by Albano during 2021. The bank agreed on December 31, 2021 to provide Sayonara a grace period to rectify the breach ending December 31, 2022.
Serial bonds dated January 8, 2021 totalling P10,000,000 payable in 10 annual instalments.
5. How much would be included in the current liabilities section of Care’s year-end financial statement?
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